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New York Department Of Financial Services Fines Metlife Subsidiaries $60 Million

On March 31, 2014, Benjamin M. Lawsky, Superintendent of the New York Department of Financial Services ("NYDFS") announced an Agreement under which MetLife will pay $60 million for insurance licensing violations by two of its...more

New York DFS Obtains Substantial Settlement In Licensing Enforcement Action

On March 31, in an enforcement action with potential implications for a range of financial service providers, the New York State Department of Financial Services (DFS) announced that an insurance holding company agreed to pay...more

Georgia District Court Judge Rules that FIRREA Precludes D&O Insurer Declaratory Judgment Actions Against FDIC as Receiver and...

On March 5, 2014, Judge Richard Story in the United States District Court for the Northern District of Georgia issued an order denying Plaintiff OneBeacon Midwest Insurance Company’s (OneBeacon) Motion for Limited...more

Report to NAIC on Captives: The Controversy About Principle-Based Reserves and Captives Continues

The use by life insurance companies of captive reinsurance companies to finance XXX and AXXX reserves has been a significant and contentious issue in recent years. Some members of the National Association of Insurance...more

Ambiguities In Reinsurance Broker Agreement Preclude Summary Judgment

A federal district court in Arkansas recently examined provisions of a Broker Authorization Agreement between a reinsurance broker (Global Risk) and a ceding insurer (Aetna). In denying cross-motions for summary judgment on...more

5 Things Every CMBA Member Should Know

A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and...more

To Err Is Human: A Spring in the Misstep

Today is the first day of spring, a season of renewal. It’s spring training, spring cleaning and spring break. Some wonderful E&O prevention and educational resources are available out there. We at Wilson Elser provide...more

Vermont Issues Guidance On Special Purpose Financial Insurers

The Vermont Department of Financial Regulation’s Captive Insurance Division has released a bulletin entitled “Guidance for Special Purpose Financial Insurers” to provide guidance regarding licensing standards and regulatory...more

Eleventh Circuit Rules Lenders Can Demand Flood Insurance Coverage That Exceeds Loan Balance

Agreeing with the First Circuit’s recent en banc ruling in Kolbe v. BAC Home Loans Servicing LP, — F.3d —, 2013 WL 5394192 (1st Cir. Sept. 27, 2013), the United States Court of Appeals for the Eleventh Circuit ruled that the...more

2013 Insurance Industry Year End Review and Forecast for 2014 (Global)

The tectonic plates of insurance regulation are shifting – with reverberations across the industry. The industry is also faced with significant commercial pressures, including a flood of third-party capital; persistent...more

Death of the Salaried Partner? Wide Ranging Changes to LLP Member Taxation To Come Into Force on 6 April 2014

Wide ranging changes to the way in which LLP members are taxed are due to take effect on 6 April 2014. LLPs and their members, particularly those in professional service and private equity/fund management firms, should,...more

Insurance and Reinsurance Newsletter - January 2014 (Italy)

1. IVASS – TOWARDS SOLVENCY II - In the process of implementing the rules of Solvency II, EIOPA on 31 October 2013 published guidelines relating to the following areas: the system of governance; prospective assessment...more

Hackers' Withdrawal Of Funds Not Covered Under Property "All Risks" Policy

In Metro Brokers, Inc. v. Transportation Insurance Company, Inc. Civil Action no. 1:12-cv-3010-ODE, (2013), the United States District Court for the Northern District of Georgia applied Georgia contract law to find no...more

Not All Policies Are Created Equal: Evergreen State Appeals Court Blocks Policyholder Reach to Excess Insurance After Settlement...

The decision in Quellos Group LLC v. Federal Insurance Co., No. 68478-7-1 (Wash. Ct. App. Nov. 12, 2013) is a reminder that vague policy language can be costly. You may not have access to your excess insurance funds. The...more

New York Proposes ERM and ORSA Regulation

The New York Department of Financial Services (“DFS”) has proposed a new insurance regulation that details the requirements associated with adopting an enterprise risk management (“ERM”) function, conducting an annual Own...more

New York Releases Proposed Joint ERM/ORSA Regulation

The New York Department of Financial Services (Department) has announced that Regulation 203 – Enterprise Risk Management & Own Risk and Solvency Assessment (Proposed Regulation) will be formally proposed in a notice of...more

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading...more

FIO Report Sets the Agenda for Discourse on the Future of Insurance Regulation

On December 12, 2013, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury released its much anticipated study, How to Modernize and Improve the System of Insurance Regulation in the United States...more

Regulators’ New Focus On Director And Officer Liability Insurance; Other Considerations

The Federal Deposit Insurance Corporation (the “FDIC”) issued an advisory statement on October 10, 2013, titled “Director and Officer Liability Insurance – Policies, Exclusions, and Indemnification for Civil Money...more

Is There a Maverick in the House? The FTC’s Resolution of the Fidelity National Financial – Lender Processing Services Deal ...

Under the antitrust merger guidelines, a maverick is a firm “that plays a disruptive role in the market to the benefit of customers.” In Washington political circles, a maverick often refers to a politician that does not hew...more

Group-Wide Global Insurance Capital Standards First Step - Basic Capital Mandate for G-SIIs

As the first step in the development of group-wide global insurance capital standards, the International Association of Insurance Supervisors (IAIS) released for public consultation its proposal on basic capital requirements...more

Legal Alert: NAIC Report: Fall 2013 National Meeting

The National Association of Insurance Commissioners (NAIC) returned to Washington, D.C. for its Fall meeting – the final national meeting for 2013. Two notable events overshadowed technical work on various NAIC initiatives: ...more

Prudential Regulators Clarify Supervisory Approach Relative to CFPB Mortgage Regulation

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Prudential Regulators”) have...more

PNC Bank and Freddie Mac Reach Settlement Agreement

On December 6, PNC Bank announced an agreement in principle to an $89 million dollar settlement agreement with Freddie Mac resolving outstanding and potential repurchase claims arising out of the sale of some 900,000 loans to...more

Federal Insurance Office Unveils Long-Awaited Modernization Report

On December 12, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) released and submitted to Congress its long-awaited report on How To Modernize And Improve The System Of Insurance Regulation In The United...more

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